Trio Petroleum Corp Announces Production Test to Commence Following the Successful Completion of Drilling Operations at South Salinas HV-1 Discovery Well
30 Junho 2023 - 9:00AM
Trio Petroleum Corp. (NYSE American: TPET) (“
Trio”
or the “
Company”), a California-based oil and gas
company, today announced that the production test of the South
Salinas Project HV-1 discovery well is set to commence the week of
July 10, 2023, which will include the perforation and acidization
(for borehole acid-cleanup) of the well. The production rig,
production tanks and other necessary equipment are scheduled to
move onto location starting July 6, 2023. Initial test results are
expected to be available late the week of July 10, or the following
week.
CEO Frank Ingriselli stated: “The success of our
drilling program at the HV-1 well has not only surpassed
expectations but now pivots to beginning testing operations in the
upcoming weeks. The testing operations will play a pivotal role in
providing invaluable insights into the production potential of our
discovery and the design of our full development plan which, as
previously disclosed, has a discounted potential of approximately
$2 billion in net cash flow. With the anticipated production from
this asset, we are expecting to have cash flowing operations in the
third quarter and potentially cash flow positive operations in the
fourth quarter. We have diligently executed our ambitious
development plan for our South Salinas project, demonstrating our
commitment to Trio's exciting trajectory.”
Trio anticipates that oil production from the
HV-1 well will generate cash flow in Q3, 2023, and that additional
cash flow will be generated in Q3-Q4, 2023, from the planned HV-2
and HV-4 wells, and also from acquisitions of equity interests in
other producing assets, such as the previously-announced and
currently under-review acquisition of an interest in the Union
Avenue producing oil field.
Full field development of the Project has an
estimated net cash flow to the company, discounted at 10%, of
approximately $2 billion, as described in the company’s public
filings with the SEC and on its website
(www.trio-petroleum.com).
Highlights of the HV-1 drilling program
include:
- The HV-1 well is a two-mile
step-out from Trio’s HV-3A discovery well that found high-quality,
mid-gravity oil at depths between 3,750 to 5,100 feet.
- The HV-1 well drilled through
approximately 1,800 feet of the Monterey Formation with major
indications of oil and gas prior to reaching total depth at 6,631
feet.
- The HV-1 well confirmed that there
is a major accumulation of oil and gas in the Presidents Field in
its South Salinas Project located in Monterey County,
California.
- Initial oil and gas production
rates at the HV-1 well will be announced after initial production
tests are completed.
About Trio
Petroleum Corp
Trio Petroleum Corp is an oil and gas
exploration and development company headquartered in Bakersfield,
California, with operations in Monterey County, California. Trio
has a large, approximately 9,267-acre asset called the “South
Salinas Project” where it owns an 85.75% working interest. Trio’s
near-term plans include testing and producing the HV-1 well, and
then drilling the HV-2 and HV-4 wells. Previous operations on this
asset have successfully drilled two (2) production/discovery wells
(i.e., the HV-3A and BM 2-2 wells) that Trio now owns.
Cautionary Statement Regarding
Forward-Looking Statements
All statements in this press release of Trio
Petroleum Corp (“Trio”) and its representatives and partners that
are not based on historical fact are "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995 and the provisions of Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended (the “Acts”). In particular, when used in the
preceding discussion, the words "estimates," "believes," "hopes,"
"expects," "intends," “on-track”, "plans," "anticipates," or "may,"
and similar conditional expressions are intended to identify
forward-looking statements within the meaning of the Acts and are
subject to the safe harbor created by the Acts. Any statements made
in this news release other than those of historical fact, about an
action, event or development, are forward-looking statements. While
management has based any forward-looking statements contained
herein on its current expectations, the information on which such
expectations were based may change. These forward-looking
statements rely on a number of assumptions concerning future events
and are subject to a number of risks, uncertainties, and other
factors, many of which are outside of the Trio's control, that
could cause actual results to materially and adversely differ from
such statements. Such risks, uncertainties, and other factors
include, but are not necessarily limited to, those set forth in the
Risk Factors section of the Trio’s S-1 filed with the Securities
and Exchange Commission (SEC). Copies are of such documents are
available on the SEC's website, www.sec.gov. Trio undertakes
no obligation to update these statements for revisions or changes
after the date of this release, except as required by law.
Trio
Contact:
Frank C. IngriselliCEOTrio Petroleum
Corpwww.trio-petroleum.comIngriselli@gvest.com
Trio Petroleum (AMEX:TPET)
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